Re: Astuteness

["Alan G. Isaac" <aisaac@xxxxxxxxxxxx>]

aisaac wrote:
>> Actually I cannot think of any astute economists
>>  who claim this.

On Thu, 7 Dec 2000 GGard97342@xxxxxx wrote:
> So John Maynard Keynes was not an astute economist. See Treatise on Money,
> Volume Two, Page 178.

Recall that the query is whether ``many astute economists''
believe that raising interest rates is likely to raise
inflation, ``at least in the long run.''
I simply do not see the relevance of this page reference:
please cite a passage that you find relevant.
Indeed, I would be quite startled to learn JMK held such
a view, even in ToM.
And since you lived through the 1980s, Geoffrey, I am quite
startled that you wd consider defending such a view.

But what you really seem interested in is the Gibson paradox.
If I recall correctly---and it has been more than a decade
since I've read anything on it---Gibson's paradox links the
price *level* to the interest rate, which is a completely
different effect (as has been emphasized repeatedly on this
thread, including in my original post on this thread).

And indeed, I just flipped open ToM and found a discussion
on p.198 of the Gibson Paradox, which matches my description.

Cheers,
Alan Isaac